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Registration number: 12056446

Crown & Bentley Commercial Finance Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Crown & Bentley Commercial Finance Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Crown & Bentley Commercial Finance Limited

Company Information

Director

L O O'Murchu

Registered office

1 Royal Exchange
London
EC3V 3DG

Accountants

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Crown & Bentley Commercial Finance Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Crown & Bentley Commercial Finance Limited for the year ended 30 June 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Crown & Bentley Commercial Finance Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Crown & Bentley Commercial Finance Limited and state those matters that we have agreed to state to the Board of Directors of Crown & Bentley Commercial Finance Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Crown & Bentley Commercial Finance Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Crown & Bentley Commercial Finance Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Crown & Bentley Commercial Finance Limited. You consider that Crown & Bentley Commercial Finance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Crown & Bentley Commercial Finance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

6 March 2024

 

Crown & Bentley Commercial Finance Limited

(Registration number: 12056446)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

-

59,920

Current assets

 

Debtors

6

5,539,092

3,003,635

Cash at bank and in hand

 

359,340

170,558

 

5,898,432

3,174,193

Creditors: Amounts falling due within one year

7

(398,705)

(204,180)

Net current assets

 

5,499,727

2,970,013

Total assets less current liabilities

 

5,499,727

3,029,933

Creditors: Amounts falling due after more than one year

7

(5,427,311)

(3,016,418)

Net assets

 

72,416

13,515

Capital and reserves

 

Called up share capital

8

10,000

10,000

Retained earnings

62,416

3,515

Shareholders' funds

 

72,416

13,515

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 March 2024
 

 

Crown & Bentley Commercial Finance Limited

(Registration number: 12056446)
Balance Sheet as at 30 June 2023

.........................................
L O O'Murchu
Director

 

Crown & Bentley Commercial Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Royal Exchange
London
EC3V 3DG
England

These financial statements were authorised for issue by the director on 6 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants relating to revenue expenditure are recognised in income over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Crown & Bentley Commercial Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

Over useful life

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Crown & Bentley Commercial Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 2).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Amortisation expense

59,920

90,726

 

Crown & Bentley Commercial Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2022

190,793

190,793

At 30 June 2023

190,793

190,793

Amortisation

At 1 July 2022

130,873

130,873

Amortisation charge

59,920

59,920

At 30 June 2023

190,793

190,793

Carrying amount

At 30 June 2023

-

-

At 30 June 2022

59,920

59,920

6

Debtors

Current

2023
£

2022
£

Prepayments

29,201

23,420

Other debtors

5,509,891

2,980,215

 

5,539,092

3,003,635

Details of non-current trade and other debtors

£5,508,016 (2022 -£2,979,715) of Other debtors is classified as non current.

 

Crown & Bentley Commercial Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,002

3,333

Trade creditors

 

13,009

31,094

Taxation and social security

 

95,414

93,988

Accruals and deferred income

 

105,849

75,509

Other creditors

 

174,431

256

 

398,705

204,180

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

5,427,311

3,016,418

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

10,000

10,000

10,000

10,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,126

45,101

Other borrowings

5,399,185

2,971,317

5,427,311

3,016,418

 

Crown & Bentley Commercial Finance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,002

3,333

10

Parent and ultimate parent undertaking

The company's immediate parent is Crown & Bentley Holdings Limited, incorporated in England and Wales.